Pension firms to trawl for customers next spring

Although pension reform itself is not to begin until 2004, insurance firms will begin in May 2003 advertising for new customers for their supplementary pension savings schemes.

The firms are expected to be major international insurance companies that will administer Slovak pension savings, expected to amount to two trillion Slovak crowns.

At present, state pensions are paid from the money coming in from wage-earning contributors, with the contributions capped at a standard level irrespective of income.

The Dzurinda government intends to introduce a “capitalisation pillar”, billions of crowns in pension resources that will earn interest while part of the funds are paid out, as well as supplementary savings schemes.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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